The highlight of yesterday's European session was Mario Draghi's release of the report, The Future of European Competitiveness, ING’s FX strategist Chris Turner notes.

A drift to 1.1000 looks like the risk today

“His recommendations will be pored over for many months and probably years – especially the call for joint EU debt issuance to finance the €800bn or so annual investment required for the EU to play catch-up with the US and China.”

“Clearly, northern Europe and populist governments will struggle to embrace his calls for joint debt issuance, and financial markets look unlikely to move on this until the EU attempts to embrace any of these recommendations in future budgets.”

“In the meantime, EUR/USD is treading water ahead of Thursday's ECB meeting. A drift to 1.1000 looks like the risk today as investors absorb weak China demand data and strong US credit data.”